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Business

Yahoo to exit Korea by end-2012

The pull-out will be the company's first in Asia as it reorganizes to streamline operations and focus its resources on building a "stronger global business set up for long-term growth and success".
Written by Ryan Huang, Contributor on

Internet giant Yahoo will pull out of the South Korean market by the end of the year, marking its first exit in Asia.

In plans announced Friday, the company said the move was a response to "efforts to streamline operations and focus our resources on building a stronger global business that's set up for long-term growth and success".

"The Korean operation has faced growing challenges over the past few years that now make scaling our business very difficult," Yahoo said in the statement.

The South Korea unit has been in operation since 1997, with about 200 employees who handle editorial content and advertising efforts in the country, noted a CNET report. It has been struggling to to keep marketshare against local rivals such as Naver and Daum.

Yahoo said in the statement it had no plans to leave any other parts of Asia at the moment, and believes it has "a solid business in Asia-Pacific".

The company had appointed Google veteran Marissa Mayer as its CEO in July, its third CEO in less than a year, as it attempts to revive its fortunes. She has since made a string of senior management changes including a new chief financial officer, Ken Goldman, and Henrique de Castro as chief marketing officer.

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